Today’s Polkadot price analysis shows a bullish sentiment. The price of DOT/USD is currently trading at $6.17 and has gained over 8% in the past 24 hours. The buying pressure is present and if the bulls can hold above $6.11, the price may be looking to break its resistance at $6.26, and if bears can return, the price may drop back to the $6.11 support level.
The 24-hour trading volume stands at $1 billion and it indicates that the market is actively participating in Polkadot’s rally, with an increase of 12%. The market capitalization of Polkadot is over $5.6 billion and it has managed to gain 11% against the dollar since yesterday.
Today most cryptocurrencies are in correction mode, including Bitcoin and Ethereum, after enjoying the full bullish swing, with Bitcoin prices getting close to $28k. Ethereum and other top coins are seen trading in green, However, Polkadot is instead managing to break out of its range and climb steadily.
Polkadot price analysis 1-day price chart: DOT bulls target the next resistance at $6.26
The 1-day price chart for Polkadot price analysis shows the price has been on the rise since the start of today’s session. The next test is the resistance of $6.26, which seems to be conquered soon. The DOT/USD pair is trading green, after having a support of $6.11. The previous day the bears had gained momentum and bearishness engulfed the market, however, today bulls have taken over.
The volatility has slightly increased for DOT/USD as the Bollinger bands suggest. The upper Bollinger band is seen at $6.49, while the lower Bollinger band is observed at $5.86, and they are widening, which suggests high volatility in the near future. The moving average indicator also presents a bullish move as the 50-day moving average line crosses above the 200-day moving average line at $6.26, indicating further bullish momentum in the market. The Relative Strength Index (RSI) is seen trading around 49.24 which implies that the bulls are in control of the pair and have already gained dominance over overbears.
Polkadot price analysis: Bulls remain in control as buying pressure increases
The 4-hour price chart for Polkadot price analysis shows the buyers are still in control as the buying pressure increases. The market has formed a higher low and is on the verge of making a higher high. The DOT/USD pair has been trading in green since early today and is looking to break the resistance of $6.26, which if achieved would be a major price milestone.
The volatility is slightly increasing as the Bollinger bands widen. The upper band is seen at $6.22 and the lower band is observed at $6.11, suggesting high volatility in its prices ahead. The moving average also presents at $6.16, which is also in line with the bullish narrative. The Relative Strength Index (RSI) is seen trading around 46.71, indicating that the bulls have gained control over bears and are ready to take their next step up.
Polkadot price analysis conclusion
Overall the Polkadot price analysis shows a bullish trend with growing buying pressure. The bulls are in control and are looking to break out of their range and push towards $6.26 or higher resistance. A bearish reaction may occur if it drops below the support level at $6.11, however, this seems unlikely as buyers seem strong.
